The Treasury has come up with a long-awaited proposal to limit monetary services, including US-registered cryptocurrencies, from processing wallets.

In a statement Friday night, the Finance Ministry’s Financial Crimes Network (FinCEN) announced proposed regulations requiring a registered cryptocurrency exchange to verify “the identity of its customers if the counterparty uses a wallet that is not hosted or otherwise and the transaction” more $ 3,000. ”

The rule is currently just a proposal. The Treasury gave stakeholders 15 days to respond with comments.

Rumors about the proposed rules have been circulating over the past month. As Treasury Secretary Steven Mnuchin approaches the door with the arrival of a new administration, they are seen as a watershed in cryptocurrency. About advertising, he said:

“This rule addresses major national security concerns in the CVC marketplace and aims to fill loopholes that attackers are trying to exploit in the filing and reporting system.”
Some leading lawmakers have already voiced their opposition to the proposed rule, which many see as an attack on deal equality. However, in the absence of a formal law, the Treasury has great leadership in this area.

However, the current proposal is not as radical as some feared. Instead, it will apply the current transaction reporting requirements – a $ 3,000 minimum travel rule – for registered organizations that interact with their own wallets. Instead, for registered organizations, the threshold would be $ 10,000.

Source: CoinTelegraph

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